$150 billion in inheritance will change hands this year, according to JBWere’s The Bequest Report. As Australia’s population growth slows and annual deaths accelerate, the value of deceased estates will accelerate to $5.4-trillion over the next 20 years

Currently around 6.5% of Australian wills make provisions for charity, which means $1.3 billion will eventually be bequeathed to philanthropic organisations.

But it could be so much more. Despite Australia remaining near the top globally for average household wealth, only 1% of the estate value is directed towards for-purpose organisations; a stark contrast (one quarter of United States and United Kingdom proportions – see below).

The Include a Charity campaign is hoping to change this by raising awareness of charitable bequests. By normalising the discussion of charitable bequests an opportunity exists to grow wealth directed towards for-purpose organisations.

JB Were floats reform ideas – largely ignored by the Productivity Commission Inquiry – such as a national giving campaign, tax incentives for “living bequests”, gifting superannuation assets and encouraging financial and legal advisers to discuss bequest options with their clients.

“Australia is indeed a fortunate country, with great wealth … how that is handled in the next few decades … can reshape our country,” said John McLeod, JBWere Senior Research Consultant.

The report concludes: if we can increase the rate and value of charitable bequests to just 3%, we could see an annual increase from $1.3 billion to nearly $8 billion by the end of the decade. This would not only transform the landscape of charitable giving in Australia but also ensure that the legacy of today’s Australians leaves a lasting, positive impact on future generations.

Your nonprofit organisation can participate in Include a Charity week (2-8 September) by updating the bequests page on your website and sending emails and social media to your supporter base. A successful bequest program should:
• promote the idea of leaving a bequest to supporters on a regular basis;
• clearly communicate the need and transformational impact of leaving a bequest;
• assist donors to make or amend their will, including through online services (suitable for simple wills only);
• offer ongoing opportunities to engage and acknowledge bequestors using initiatives such as events and bequest circles; and
• use bequest ‘champions’ such as founders, long-term donors, and board members.